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President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]
The government and Small Business Administration offered guaranteed Paycheck Protection Program (PPP) loans during COVID-19 that were forgiven if businesses maintained their employees on payroll ...
Over 25 PPP loans worth more than $3.65 million were given to businesses with addresses at Trump and Kushner real estate properties, paying rent to those owners.
Under the terms of the program, small businesses could obtain loans of up to $10 million that would be forgiven if used for approved purposes, such as payroll. While money for the PPP program came ...
Releases included customizable payroll reports, a simplified Paycheck Protection Program (PPP) Loan Forgiveness tracker and a streamlined PPP application report that’s been downloaded more than 80,000 times to date. Nationwide, Gusto enabled more than $2.5 billion worth of approved PPP loans. [32]
The Paycheck Protection Program (PPP), was designed to help businesses maintain their employee headcount. The funds were distributed as loans, however, they could be forgiven under certain conditions.
The PPP loans were a part of the CARES Act, which was used to help businesses continue their payroll during periods of shutdown. In 2021, Senator Michelle Hinchey presented the bank with the New York State Empire Award for their community support during the pandemic including PPP. [16]
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